The US Treasury this morning auctioned $35 billion in two-year notes at a yield of 0.24%, in-line with expectations. The bid-to-cover ratio was 3.45, slightly higher than the 3.38 average of the 10 most recent auctions.
An interest-rate strategist at Credit Suisse told Bloomberg News:
“The auction continues the generally strong demand for Treasuries we’ve been seeing,” said Scott Sherman, an interest- rate strategist in New York at Credit Suisse Group AG, which as a primary dealer is obliged to bid in U.S. debt sales. “It’s not as high as we’ve seen of late, but the demand was pretty healthy as judged by the bid-to-cover. There is still uneasiness, and thus people are taking risk off the table.”
Interestingly, the S&P downgrade of US debt has not changed the desirability of that debt when the global economy takes a turn for the worse, as it did today with the death of Kim Jong Il and the downbeat comments from the president of the European Central Bank.
Top Gaining Stocks
Top Losing Stocks